Councilmember Mitchell Englander has partnered with the VEDC (Valley Economic Development Center) to provide micro-loans to small businesses that are struggling due to the ongoing Aliso Canyon Gas Leak.
The VEDC is offering micro-loans to affected businesses ranging from $1,000 to $50,000 and small business loans up to $250,000 at market interest rate. Additionally, they are offering deferred payments until the gas leak is resolved.
Founded in 1976, VEDC is trusted by loan clients, banks that refer clients, and funders across the United States as a vital source of capital for small business loans and micro-financing. VEDC’s goal is to create and sustain jobs and small businesses in the communities it serves. The nonprofit VEDC has earned a reputation for helping small businesses unable to qualify for traditional bank financing.
Following the 1994 Northridge Earthquake, VEDC stepped in to help small businesses devastated by the disaster. Through VEDC’s efforts, more than 10,000 small businesses in the San Fernando Valley received more than $120 million in SBA disaster assistance. And again in 2013 by lending more than $1million to businesses negatively impacted by Hurricane Sandy.